Cowabunga System Daily Update: Wednesday, 05/27/09

If this is your first time visiting this blog, read this first! 

Main Trend

Current Trend

The trend remained up the entire day.

Today I only looked for long trades.

News events to watch for today :

  • 10:00am EST- US Existing Home Sales

Today’s Surf

12:30am EST- There was a moving average crossover for a long trade. RSI was greater than 50, MACD was negative and gaining value, but stochastics were not trending up. This cancelled out the signal and I did not enter.

2:45am EST- There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up and MACD was negative and gaining value. This was a valid entry.

The entry was at the close of the candle at 1.5980 with a stop at the most recent low at 1.5924. Since I was 20 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.6000.

Entry: Long at 1.5980 Stop: 1.5924 Target: 1.6000

3:30am EST- My target was hit. Price did not make a clean break so I took my final profit. I managed to exit at 1.5995.

8:45am EST- There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up and MACD was negative and gaining value. This was a valid entry.

The entry was at the close of the candle at 1.6017 with a stop at the most recent low at 1.5947. Since I was 33 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.6050.

Entry: Long at 1.6017 Stop: 1.5947 Target: 1.6050

9:45am EST- My target wasn’t hit by this time. News was coming out at 10:00am EST, so I went ahead and closed my trade at 1.6024.

10:45am EST- There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up and MACD went from negative to positive. This was a valid entry.

The entry was at the close of the candle at 1.6032 with a stop at the most recent low at 1.5983. Since I was 18 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.6050.

Entry: Long at 1.6032 Stop: 1.5983 Target: 1.6050

11:30am EST- My target was hit! Price made a clean break so I moved my stop to 1.6050 and set my next target for 1.6100.

11:45am EST- Unfortunately I got stopped out at 1.6050.

entry2

Trade Result: +15 +7 +18= +40 pips (NOT INCLUDING SPREAD) R-Multiple: 0.26; 0.10; 0.36

News events to watch for tomorrow:

  • 6:00am EST- UK CBI Realized Sales
  • 8:30am EST- US Core Durable Goods Orders m/m; Unemployment Claims
  • 10:00am EST- US New Home Sales

For a complete list of news events check out our Forex Economic Calendar.
Questions? Read the Cowabunga FAQ.

Want to discuss the Cowabunga System? Visit our Forex Forums.

Forex

Forex News

Forex Reviews

Forex Trading Journal

12 comments

  1. new2this

    my time is not matching up with yrs i am in florida so i am on eastern time when u got yr first signal at 2:45 my charts is saying it 6:30 what do i need to do to set the correct time so i am with u. i am using interbanks metatrader.

    Reply
  2. new2this

    my time is not matching up with yrs i am in florida so i am on eastern time when u got yr first signal at 2:45 my charts is saying it 6:30 what do i need to do to set the correct time so i am with u. i am using interbanks metatrader.

    Reply
  3. LuckBR

    Hi there! It’s Luck again speaking from the land of the Caipirinha and Ronaldo! I really would like to thank you for answering my questions yesterday, it was very helpful! Later, I found out about the Cowabunga system faq and read it, very helpfull too!
    Today, I would like to ask you about Trading for a living (not the famous book by Alexander Elder that in fact every newbie should read, but the concept itself) because that is what i’m aiming towards. Could you share with us the history on how you began trading (forex or otherwise)? Did you have a full time job? Did you trade and work at the same time? If you make a living today out of trading only, when did you feel comfortable to quit your job? Tell us a little bit of how is your routine today and if you manage to have a comfortable life by trading.

    Thanks dude! Peace!

    Reply
  4. LuckBR

    Hi there! It’s Luck again speaking from the land of the Caipirinha and Ronaldo! I really would like to thank you for answering my questions yesterday, it was very helpful! Later, I found out about the Cowabunga system faq and read it, very helpfull too!
    Today, I would like to ask you about Trading for a living (not the famous book by Alexander Elder that in fact every newbie should read, but the concept itself) because that is what i’m aiming towards. Could you share with us the history on how you began trading (forex or otherwise)? Did you have a full time job? Did you trade and work at the same time? If you make a living today out of trading only, when did you feel comfortable to quit your job? Tell us a little bit of how is your routine today and if you manage to have a comfortable life by trading.

    Thanks dude! Peace!

    Reply
  5. Louise

    Hi, firstly, thanks for dedicating all this time to sharing info with us. It’s really appreciated. I’ve got a couple of questions – real beginners ones I’m afraid.
    I don’t understand the timing of when to place the trade. If you see your indicators, do you enter straight away and if you do, I take it that it isn’t actually entered until the close of the last candlestick. Is that right? So i have to flip to my trading site and buy as fast as possible? I just don’t get the logistics of it.

    Also, if you don’t have indicators on your 15 minute chart,as was the case a few days ago, can you ever drill down and enter on a 10 ot 5 mins chart (or less)? Does that make sense?

    Thanks again.

    Reply
  6. Louise

    Hi, firstly, thanks for dedicating all this time to sharing info with us. It’s really appreciated. I’ve got a couple of questions – real beginners ones I’m afraid.
    I don’t understand the timing of when to place the trade. If you see your indicators, do you enter straight away and if you do, I take it that it isn’t actually entered until the close of the last candlestick. Is that right? So i have to flip to my trading site and buy as fast as possible? I just don’t get the logistics of it.

    Also, if you don’t have indicators on your 15 minute chart,as was the case a few days ago, can you ever drill down and enter on a 10 ot 5 mins chart (or less)? Does that make sense?

    Thanks again.

    Reply
  7. xexsus

    Hi Pipsurfer,

    Quick question. How do you determine what news event is important enough to avoid? I noticed on Wednesday, there were a number of GB/USD news events and you only chose one.

    Please advise.

    Reply
  8. xexsus

    Hi Pipsurfer,

    Quick question. How do you determine what news event is important enough to avoid? I noticed on Wednesday, there were a number of GB/USD news events and you only chose one.

    Please advise.

    Reply
  9. nabil114

    why do you trade at 12 at night? I trade GBP/usd based on time and high and low of that period. So i am curious why you trade at those times eastern? How you can trade awake at 12 am – 12 pm?

    Reply
  10. nabil114

    why do you trade at 12 at night? I trade GBP/usd based on time and high and low of that period. So i am curious why you trade at those times eastern? How you can trade awake at 12 am – 12 pm?

    Reply

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>